CFA vs SPY
VictoryShares US 500 Volatility Weighted ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, CFA or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.93. CFA is less concentrated, with 3.7% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CFA | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $544M | $804.7B |
| Dividend Yield | 1.20% | 0.98% |
| Holdings | 502 | 505 |
| YTD Return | +6.58% | +12.89%Best |
| 1Y Return | +8.46% | +17.01%Best |
| 3Y Return (annualized) | +13.50% | +22.46%Best |
| 5Y Return (annualized) | +7.21% | +13.01%Best |
| Volatility (annualized) | 14.9% | 14.8%Best |
| Max Drawdown | -37.9% | -34.1%Best |
| $10,000 over 5 years | $14,164 | $18,433Best |
| Top 10 Weight | 3.7%Best | 37.8% |
| Fund Family | Victory Capital Management Inc. | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jul 1, 2014 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jul 2, 2014 to Sep 24, 2026 (12.2 years).
CFA vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 12.2 years both funds cover.
CFA vs SPY Performance
VictoryShares US 500 Volatility Weighted ETF (CFA) is an ETF from Victory Capital Management Inc. and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year CFA returned +8.46% while SPY returned +17.01%. Year to date, CFA is up 6.58% versus a gain of 12.89% for SPY.
Over three years, CFA compounded at +13.50% per year against +22.46% for SPY; over five years the annualized figures are +7.21% and +13.01% respectively. Across the full 12-year window we track, SPY has the edge at +12.43% annualized vs +9.35%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CFA has been the more volatile fund, with annualized monthly volatility of 14.9% compared with 14.8% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -37.9% for CFA and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
CFA charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, CFA currently yields 1.20% against 0.98% for SPY.
Holdings Overlap
84.2% of CFA's money is in holdings SPY also owns. 91.7% of SPY's money is in holdings CFA also owns.
Most of SPY is already inside CFA. Owning both mostly buys the same companies twice.
405 positions in common, counted across the 500 positions we hold weights for in CFA and 504 in SPY, against full books of 502 and 505.
What only one of them owns
Our book lists 95 positions for SPY that do not appear in our book for CFA (7.9% of the fund), and 91 for CFA that do not appear in SPY (14.9%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in CFA | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 0.20% | 8.01% | 7.81% |
| AAPLApple, Inc | 0.30% | 7.26% | 6.96% |
| MSFTMicrosoft Corp | 0.30% | 5.66% | 5.36% |
| AMZNAmazon.Com Inc | 0.22% | 3.79% | 3.57% |
| GOOGLAlphabet Inc,class A | 0.22% | 2.99% | 2.77% |
| AVGOBroadcom Inc | 0.15% | 2.66% | 2.51% |
| METAMeta Platforms Inc | 0.15% | 1.93% | 1.78% |
| MUMicron Technology, Inc. | 0.21% | 1.60% | 1.39% |
| BRK.BBerkshire Hathaway Inc Brk/B Us Equity | 0.40% | 1.40% | 1.00% |
| JPMJpmorgan Chase | 0.30% | 1.45% | 1.15% |
91.7% of SPY is already inside CFA.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CFA or SPY?
CFA has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, CFA or SPY?
Over the past year CFA returned +8.46% vs +17.01% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (12 years), CFA annualized +9.35% vs +12.43% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CFA or SPY?
CFA has been the more volatile fund at 14.9% annualized versus 14.8% for SPY. Worst drawdown: CFA -37.9% vs SPY -34.1%.
Should I hold both CFA and SPY?
CFA and SPY have a monthly-return correlation of 0.93, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between CFA and SPY?
91.7% of SPY's money is in holdings CFA also owns. 91.7% of SPY's is in holdings CFA also owns. They hold 405 positions in common, counted across the 500 positions we hold weights for in CFA and 504 in SPY.
Which pays a higher dividend, CFA or SPY?
CFA yields 1.20% while SPY yields 0.98%, so CFA currently pays the higher dividend yield.
Is SPY better than CFA?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.93. CFA is less concentrated, with 3.7% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.